Noncontrolling Interests

6 Months Ended

Jun. 30, 2015

Noncontrolling Interest Items [Abstract]

Noncontrolling Interests

11. Noncontrolling Interests

WGP, a publicly traded consolidated subsidiary, is a limited partnership that owns interests in WES. During the three months ended June 30, 2015, Anadarko sold 2.3 million WGP common units to the public, raising net proceeds of $130 million.At June 30, 2015, Anadarko’s ownership interest in WGP consisted of an 87.3% limited partner interest and the entire non-economic general partner interest. The remaining 12.7% limited partner interest in WGP was owned by the public. In June 2015, Anadarko issued 9.2 million TEUs, which include an equity component that may be settled in WGP common units. For additional disclosure of the TEU effect on noncontrolling interests, see Note 7—Tangible Equity Units.

WES, a publicly traded consolidated subsidiary, is a limited partnership that acquires, owns, develops, and operates midstream assets. During the six months ended June 30, 2015, WES issued 874 thousand common units to the public under its continuous offering program, raising net proceeds of $57 million. In 2014, WES issued 11 million Class C units to Anadarko to partially fund the acquisition of DBM. These Class C units receive distributions in the form of additional Class C units until conversion into common units at the end of 2017 unless WES elects to convert the units earlier or Anadarko extends the conversion date. During the six months ended June 30, 2015, WES distributed 164 thousand Class C units to Anadarko. At June 30, 2015, WGP’s ownership interest in WES consisted of a 34.7% limited partner interest, the entire 1.8% general partner interest, and all of the WES incentive distribution rights. At June 30, 2015, Anadarko also owned an 8.3% limited partner interest in WES through other subsidiaries’ ownership of common and Class C units. The remaining 55.2% limited partner interest in WES was owned by the public.